Lagos, Nigeria, July 11, 2011 — IFC,
a member of the World Bank Group, is investing $20 million in Food Concepts
Plc to help the Nigerian quick-service restaurant and bakery operator
improve its social, safety and corporate governance standards, and expand
operations in Ghana and Nigeria, increasing the availability of convenient
and affordable food.

IFC will provide a financing package consisting
of a $13 million equity investment and a $7 million loan to the company,
which will use the long-term funding to help develop about 40 new quick-service
restaurants, double bakery production, and establish a poultry production
farm in Nigeria.

Food Concepts’ expansion plan is expected
to create hundreds of jobs, benefitting a number of smaller businesses
in its supply chain.

Deji Akinyanju, founder and CEO of Food Concepts,
said, “IFC’s long-term capital and loan will allow Food Concepts to implement
its long-term growth strategy. IFC’s global expertise will also enable
us to become a leading regional quick service restaurant and bakery operator,
using best practices in corporate governance, insurance, financial management,
and environmental and social matters.”

Solomon Adegbie-Quaynor, IFC Country Manager
for Nigeria, said, “IFC’s investment in Food Concepts underscores our
commitment to supporting Nigeria’s private sector, especially its SME
sector. Our partnership with Food Concepts will also help develop reliable
food supply chains and strengthen the competitiveness of West Africa’s
agribusiness and food-processing sectors, which are vital to the region's
development.”

Supporting small and medium enterprises and
agribusiness are key priorities for IFC in Africa, since these sectors
account for the bulk of employment on the continent. Across Africa, IFC
is supporting projects across the food supply chain, including processing,
logistics, and distribution.

About IFCIFC, a member of the World Bank Group, is
the largest global development institution focused on the private sector
in developing countries. We create opportunity for people to escape poverty
and improve their lives. We do so by providing financing to help businesses
employ more people and supply essential services, by mobilizing capital
from others, and by delivering advisory services to ensure sustainable
development. In a time of global economic uncertainty, our new investments
climbed to a record $18 billion in fiscal 2010. For more information, visit
www.ifc.org.